Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
10th Edition
ISBN: 9781337093897
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 16, Problem 3BCP
Summary Introduction
Case summary:Person PG and person BL were in a relationship. During the relationship they acquired joint ownership over two properties, an electronic service Centre and an apartment. The deed of apartment was in name of BL, but none of them paid the down payment. Both the parties mutually agreed to share rights over the property,
To find: Partnership between person PG and person BL,
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To Partner or Not to Partner
John Willis, who is 27 and single, had just completed his fifth year of employment as a carpenter for a very small homebuilder. His boss, the sole owner of the company, is Tyrone Young. A few days ago, Tyrone asked John if he would like to become a partner, which he could do by contributing $70,000. In turn, John would receive 40 percent of all prof- its earned by the business. John had saved $30,000 and could borrow the balance from his grandmother at a low-interest rate, but he would have to pay her back within 15 years.
John was undecided about becoming a partner. He liked the idea but he also knew there were risks and concerns. He decided to talk to Tyrone at lunch. Here is how the conversation went.
John: I've been giving your offer a lot of thought, Tyrone. It's a tough decision and I don't want to make the wrong one. So I'd like to chat with you about some of the problems involved in running a business.
Tyrone: Sure. I struggled with these issues…
A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses.
Select one:
a.
Partner B
b.
Partner C
c.
Partner A
d.
All the partners
Xena and Zinc jointly owned a parcel of property. Xena sold her share of the property to Sola. Xena then died. Xena has a child,
Eos, and Zinc has a child, Kirros. If the property was owned as joint tenants by Xena and Zinc, who now owns the property and why?
If instead the property was owned as tenants in common, who now owns the property and why?
Chapter 16 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
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